Delaware
|
001-33601
|
74-2785449
|
(State or other jurisdiction
of incorporation)
|
(Commission File Number)
|
(IRS Employer
Identification No.)
|
GLOBALSCAPE, INC.
|
|||
By:
|
/s/ James W. Albrecht, Jr.
|
||
James W. Albrecht, Jr., Chief Financial Officer
|
|||
Dated: July 30, 2015
|
|||
Exhibit Number
|
Document Description
|
|
99.1
|
Press release dated July 30, 2015 announcing Globalscape’s 2015 second quarter financial results.
|
·
|
Financial Statements (PDF)
|
June 30,
|
December 31,
|
|||||||
2015
|
2014
|
|||||||
Assets
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$ | 12,853 | $ | 11,358 | ||||
Accounts receivable (net of allowance for doubtful accounts
of $500 and $511 in 2015 and 2014, respectively)
|
4,681 | 5,938 | ||||||
Current deferred tax asset
|
406 | 402 | ||||||
Prepaid expenses
|
298 | 488 | ||||||
Total current assets
|
18,238 | 18,186 | ||||||
Fixed assets, net
|
569 | 616 | ||||||
Long term investments
|
3,217 | 3,185 | ||||||
Capitalized software development costs
|
3,860 | 3,298 | ||||||
Goodwill
|
12,712 | 12,712 | ||||||
Deferred tax asset
|
346 | 290 | ||||||
Other assets
|
95 | 100 | ||||||
Total assets
|
$ | 39,037 | $ | 38,387 | ||||
Liabilities and Stockholders’ Equity
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
|
$ | 511 | $ | 1,111 | ||||
Accrued expenses
|
1,298 | 1,590 | ||||||
Deferred revenue
|
10,360 | 11,411 | ||||||
Income taxes payable
|
307 | 2 | ||||||
Total current liabilities
|
12,476 | 14,114 | ||||||
Deferred revenue, non-current portion
|
3,197 | 3,393 | ||||||
Other long term liabilities
|
51 | 52 | ||||||
Commitments and contingencies
|
||||||||
Stockholders’ equity:
|
||||||||
Preferred stock, par value $0.001 per share, 10,000,000
authorized, no shares issued or outstanding
|
- | - | ||||||
Common stock, par value $0.001 per share, 40,000,000
authorized, 21,253,107 and 20,989,267 shares issued
at June 30, 2015, and December 31, 2014, respectively
|
21 | 21 | ||||||
Additional paid-in capital
|
19,027 | 18,370 | ||||||
Treasury stock, 403,581 shares, at cost, at
June 30, 2015 and December 31, 2014
|
(1,452 | ) | (1,452 | ) | ||||
Retained earnings
|
5,717 | 3,889 | ||||||
Total stockholders’ equity
|
23,313 | 20,828 | ||||||
Total liabilities and stockholders’ equity
|
$ | 39,037 | $ | 38,387 |
Three months ended June 30,
|
Six months ended June 30,
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
Operating Revenues:
|
||||||||||||||||
Software licenses
|
$ | 3,280 | $ | 2,583 | $ | 5,738 | $ | 4,495 | ||||||||
Maintenance and support
|
4,093 | 3,813 | 8,127 | 7,392 | ||||||||||||
Professional services
|
490 | 290 | 878 | 526 | ||||||||||||
Total Revenues
|
7,863 | 6,686 | 14,743 | 12,413 | ||||||||||||
Operating Expenses:
|
||||||||||||||||
Cost of revenues
|
360 | 197 | 608 | 401 | ||||||||||||
Selling, general and administrative
|
4,556 | 4,850 | 9,117 | 8,897 | ||||||||||||
Research and development
|
657 | 689 | 1,187 | 1,215 | ||||||||||||
Depreciation and amortization
|
394 | 177 | 682 | 318 | ||||||||||||
Total operating expenses
|
5,967 | 5,913 | 11,594 | 10,831 | ||||||||||||
Income from operations
|
1,896 | 773 | 3,149 | 1,582 | ||||||||||||
Other income (expense), net
|
23 | (27 | ) | 34 | (48 | ) | ||||||||||
Income before income taxes
|
1,919 | 746 | 3,183 | 1,534 | ||||||||||||
Income tax expense
|
594 | 258 | 1,043 | 511 | ||||||||||||
Net income
|
$ | 1,325 | $ | 488 | $ | 2,140 | $ | 1,023 | ||||||||
Comprehensive income
|
$ | 1,325 | $ | 488 | $ | 2,140 | $ | 1,023 | ||||||||
Net income per common share -
|
||||||||||||||||
Basic
|
$ | 0.06 | $ | 0.02 | $ | 0.10 | $ | 0.05 | ||||||||
Diluted
|
$ | 0.06 | $ | 0.02 | $ | 0.10 | $ | 0.05 | ||||||||
Weighted average shares outstanding:
|
||||||||||||||||
Basic
|
20,804 | 20,071 | 20,726 | 18,473 | ||||||||||||
Diluted
|
21,324 | 20,622 | 21,201 | 18,920 |
For the Six Months Ended June 30,
|
||||||||
2015
|
2014
|
|||||||
Operating Activities:
|
||||||||
Net income
|
$ | 2,140 | $ | 1,023 | ||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Bad debt expense
|
127 | 240 | ||||||
Depreciation and amortization
|
682 | 318 | ||||||
Stock-based compensation
|
315 | 256 | ||||||
Deferred taxes
|
(60 | ) | 697 | |||||
Excess tax benefit from share-based
compensation
|
(35 | ) | 294 | |||||
Subtotal before changes in operating assets and liabilities
|
3,169 | 2,828 | ||||||
Changes in operating assets and liabilities:
|
||||||||
Accounts receivable
|
1,130 | (2,099 | ) | |||||
Prepaid expenses
|
190 | (66 | ) | |||||
Other assets
|
5 | 51 | ||||||
Deferred revenue
|
(1,247 | ) | 1,338 | |||||
Accounts payable
|
(600 | ) | 342 | |||||
Accrued expenses
|
(292 | ) | 793 | |||||
Other long-term liabilities
|
(1 | ) | (2 | ) | ||||
Income tax receivable and payable
|
340 | (551 | ) | |||||
Net cash provided by operating activities
|
2,694 | 2,634 | ||||||
Investing Activities:
|
||||||||
Software development costs capitalized
|
(1,107 | ) | (1,284 | ) | ||||
Purchase of property and equipment
|
(90 | ) | (124 | ) | ||||
Interest reinvested in long term investments
|
(32 | ) | (32 | ) | ||||
Net cash (used in) investing activities
|
(1,229 | ) | (1,440 | ) | ||||
Financing Activities:
|
||||||||
Proceeds from exercise of stock options
|
307 | 2,026 | ||||||
Excess tax benefit from share-based compensation
|
35 | (294 | ) | |||||
Notes payable principal payments
|
- | (688 | ) | |||||
Dividends paid
|
(312 | ) | - | |||||
Net cash provided by financing activities
|
30 | 1,044 | ||||||
Net increase in cash
|
1,495 | 2,238 | ||||||
Cash at beginning of period
|
11,358 | 9,455 | ||||||
Cash at end of period
|
$ | 12,853 | $ | 11,693 | ||||
Supplemental disclosure of cash flow information:
|
||||||||
Cash paid during the period for:
|
||||||||
Interest
|
$ | - | $ | 93 | ||||
Income taxes
|
$ | 696 | $ | 379 |
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
Net income (loss)
|
$ | 1,325 | $ | 488 | $ | 2,140 | $ | 1,023 | ||||||||
Add (subtract) items to determine adjusted EBITDA:
|
||||||||||||||||
Income tax expense
|
594 | 258 | 1,043 | 511 | ||||||||||||
Interest (income) expense, net
|
(23 | ) | 27 | (34 | ) | 47 | ||||||||||
Depreciation and amortization:
|
||||||||||||||||
Total depreciation and amortization
|
394 | 177 | 682 | 318 | ||||||||||||
Amortization of capitalized software development costs
|
(327 | ) | (105 | ) | (545 | ) | (173 | ) | ||||||||
Stock-based compensation expense
|
167 | 130 | 315 | 256 | ||||||||||||
Adjusted EBITDA
|
$ | 2,130 | $ | 975 | $ | 3,601 | $ | 1,982 |